Budget 2025: Mere Tinkering With Direct Tax Reform Won’t Address India’s Structural Economic Woes

3 months ago 61

Finance Minister Nirmala Sitharaman began her budget speech with the importance of higher agricultural growth, productivity and achieving rural prosperity. While the middle classes, especially the richer deciles, got substantial relief through income tax exemptions and change of slab rates, the farmers got some good promises which may help them in earning higher incomes. Ironically, there was no reference to doubling of farmers income which has been the dominant theme in discussions on agriculture ever since the same was announced in an election rally in 2015. The data presently available does not show that the incomes have doubled. In fact, the farmers of several major crops, which include pulses and oilseeds also, have not even been able to realise the MSP this year for their produce. Soybean, tur and chana are examples. It would be unrealistic to think that the problems of the agriculture sector can be addressed in a Union budget. There are a lot of other important sectors of economy whose challenges and opportunities must be addressed while also maintaining fiscal discipline. The Founding editor of the wire, M.K. Venu discusses the budget 2025 with Deepanshu Mohan, Professor and Dean at OP Jindal Global Univerisity. Join The Wire's Youtube Membership and get exclusive content, member-only emojis, live interaction with The Wire's founders, editors and reporters and much more. Memberships to The Wire Crew start at Rs 89/month. https://www.youtube.com/channel/UChWtJey46brNr7qHQpN6KLQ/join

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